BMO Capital Cuts Price Target on Applied Genetic Technologies (AGTC) to $20
BMO Capital maintained an Outperform rating on Applied Genetic Technologies Corp. (NASDAQ: AGTC), and cut the price target to $20.00 (from $25.00), after updating estimates. BMO is now expecting data for XLRS in 2017 vs 2H16 previously as enrollment is slower-than-expected. The trial has enrolled 8/27 patients with an additional 20 that are eligible for the expansion cohort.
Analyst Matthew Luchini commented, "We are lowering our price target on AGTC to $20 from $25 based on updated timelines for the Phase I/II XLRS and ACHM trials. We now look for data in 2017 versus 2H16 previously and see a potential launch in 2021 (vs. 2020 prior). Despite our lower price target, we are maintaining our Outperform rating as we believe delays largely reflect operational errors and difficulties of conducting first-in-man trials. We continue to see XLRS and ACHM as significant sources of upside, representing ~$900mn and ~$750mn unadjusted peak sales opportunities, respectively."
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Shares of Applied Genetic Technologies Corp. closed at $13.19 yesterday.